A children’s deposit can be opened by a parent or guardian until their child or the child in their care turns 15. To this end, the child must have a current account in Coop Pank.
The deposit can be opened in our Internet bank or mobile app by clicking on “Children’s deposit” on the ‘Saving’ menu. Alternatively, you can open a deposit at any bank office.
Money can be transferred into the deposit not only by parents or guardians, but also by third parties like grandparents and friends you’ve shared the account number with.
There’s no minimum amount for transfers, but we do recommend setting up a standing order so that money is saved in the deposit on a regular basis.
The interest rate fluctuates throughout the period of the deposit, depending on the market conditions. You’ll find the latest rate here.
Interest is credited to the deposit monthly, on the first day of the following calendar month.
Start-up capital, also known as premium interest, is a gift from us to you when you first open a children’s deposit.
We transfer the capital to the savings account as soon as the contract has been signed. You can terminate the deposit ahead of time, and interim payouts can be made, but the start-up capital can’t be withdrawn.
If you terminate the deposit but then decide you want to open another one, start-up capital isn’t paid a second time.
When the depositor turns 18, the children's deposit agreement automatically ends. On the following day, the bank transfers the amount held in the deposit account to the depositor’s current account.
The bank automatically withholds income tax from monthly interest payments and passes information on to the Tax and Customs Board (TCB).
Income tax can be reclaimed via the child’s tax return. If you have any questions, call the TCB on 880 0811 or e-mail eraklient@emta.ee.
Yes – if necessary, payouts can be made on up to three occasions: during the child’s birthday month when turning 7, 10 and/or 15. The deposit must have been open for at least three years for a payout to be made. Only paid-in amounts can be withdrawn. Interest and start-up capital can’t be withdrawn until the child turns 18.
You can do this at any branch or by notifying us via the Internet bank. In this case, the start-up capital and the interest paid by the bank are deducted from the amount saved in the deposit.
If you terminate the deposit but then decide you want to open another one, start-up capital isn’t paid a second time.
Yes. However, it’s worth noting that in this case the bank won’t pay the start-up capital a second time.
No – one deposit per depositor is the rule in Coop Pank.
You’ll find the standard terms and conditions here.